The chemical industry in India is counted among those industries that began working immediately after the country’s independence in 1947. So, it is one of the oldest contributors towards the Indian economy. At present, the average annual growth rate of the industry is 12.5 percent.
The Indian chemical industry is divided into a number of segments and each segment has significantly contributed towards the overall growth rate of the industry. Various favorable factors have supported the industry to show desired progress rate. You can learn about these factors and have an overview of the industry from the following discussion.
It was till 1991 that India was a closed economy. However, the adoption of liberal policy in 1991 benefited most of the industries, including the chemical industry in India. Since then, the industry has gained recognition in the global economy. chemical industry Today, it ranks 12th in the world in terms of production size. Also, the industry contributes 13 percent towards the total export from India at present.
It has been estimated that in the coming few years, the industry is going to attain the worth of 100 billion US dollars. To achieve this target, there is need for the improvement in the following areas:
- More entrepreneurs are required to steer the industry on the path of expected growth.
- Growth of the overseas sales network to help industrial chemical manufacturers in India to find international buyers.
- Increase in direct employment within the industry.
- Stress on chemical manufacturing knowledge and specialty.
- Improvement in the health and safety standards.
- Increased use of information technology in the industry.
- And of course, the increase in specialty chemical plants.